Co Op Surpasses 3 Billion Mark For First Time In Annual Member Payment Transactions
CO-OP SURPASSES 3 BILLION MARK FOR FIRST TIME IN ANNUAL MEMBER PAYMENT TRANSACTIONS
"CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing secure and convenient access to accounts," said Stan Hollen, President/CEO of CO-OP. "In 2013, we set a record with 2.8 billion transactions. The new transaction processing record set by CO-OP in 2014 demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services."
The record set in 2014 indicates that CO-OP is hitting new milestones at an accelerating pace. In 2004, the company reached 1 billion in annual transactions and in 2010 CO-OP Financial Services first topped 2 billion transactions. Now just four years later, CO-OP has reached the 3 billion mark.
At more than 3 billion transactions for the year, there were also some remarkable numbers achieved at shorter intervals - and none more remarkable than those recorded on Wednesday, December 24, 2014. Here are the second, minute, hour and day transactions, all new records in their categories:
- Peak Volume Per Second: 10:38:19 a.m. Eastern Time - 276 transactions per second.
- Peak Volume Per Minute: 10:38 a.m. Eastern Time - 14,138 transactions per minute.
- Peak Volume Per Hour: 2 p.m. Eastern Time - 760,522 transactions per hour.
- Peak Volume Per Day: Again, Wed., Dec. 24, 2014 - 10,327,641 transactions per day.
CO-OP Financial Services is the credit union industry's largest processor of electronic payments. The company operates CO-OP Shared Branch, a network of 5,200 branches (and 2,000 standalone locations), and CO-OP ATM, a network of 30,000 ATMs, including 9,000 deposit-taking. CO-OP has 3,500 credit union clients, which includes 30 million credit union debit and credit cardholders.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP
Financial Services is the nation's largest credit union service
organization in terms of number of credit unions, assets and
members. The company helps credit unions thrive by providing
products and services that make it more convenient for members to
do business with them. With a motto of "Be There. Be More," CO-OP's
products fall into three business lines, including "Locations,"
(ATM, shared branching and call center services); "Card Payments"
(debit and credit processing) and "Mobile/Virtual" (mobile, online,
check imaging, bill pay services). To learn more visit www.co-opfs.org.
